(a) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court:

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Terms Used In Tennessee Code 29-40-115

  • Court: means a chancery court in this state. See Tennessee Code 29-40-102
  • Person: means an individual. See Tennessee Code 29-40-102
  • Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Tennessee Code 29-40-102
  • Receivership: means a proceeding in which a receiver is appointed. See Tennessee Code 29-40-102
(1) The identity and qualifications of the professional;
(2) The scope and nature of the proposed engagement;
(3) Any potential conflict of interest; and
(4) The proposed compensation.
(b)

(1) A person is not disqualified from engagement under this section solely because of the person’s engagement by, representation of, or other relationship with the receiver, a creditor, or a party.
(2) This chapter does not prevent the receiver from serving in the receivership as an attorney, accountant, auctioneer, or broker when authorized by law.
(c)

(1) A receiver or professional engaged under subsection (a) shall file with the court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses.
(2) The receiver shall pay the amount approved by the court.
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